The global video surveillance and VSaaS market is projected to reach value of US$ 131.9 Bn by 2027 from ~US$ 41.2 Bn in 2019, expanding at a CAGR of ~16% from 2019 to 2027. Expansion of the video surveillance and VSaaS market can be attributed to technological advancements in high-resolution perfect imaging and video analytics, and increasing government interest in smart cities. Asia Pacific is anticipated to lead the global video surveillance and VSaaS market, followed by North America, during the forecast period.
Advanced High-resolution Perfect Imaging and Video Analytics Fuel Market Growth
A significant number of cameras are employed in video surveillance systems to be deployed in industries with huge infrastructure. Rise in the number of IP cameras with higher resolution is leading to the need for more storage. Scalability of security systems not only requires an increased number of cameras, but also demands access to more storage and computing power. This has led to the rise of cloud-based storage and therefore, acts as a driver for the expansion of the market. Issues related to video storage and analysis can be overcome by utilizing hosted/managed services and video analytics offered through the VSaaS platform. VSaaS solutions offer increased scalability at reduced cost.
Furthermore, VSaaS offers users with the option to add additional services to their video surveillance system such as remote viewing capability and monitoring the health of the surveillance system itself to check for possible damage to cameras, cables, etc. Hence, technological advancements in high-resolution perfect imaging and video analytics is driving the video surveillance and VSaaS market worldwide.
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Small and medium enterprises (SMEs) are expected to be a potentially significant segment of the video surveillance and VSaaS market, due to increasing need for SMEs to adopt electronic surveillance in the light of security threats. Existing and emerging SMEs are anticipated to adopt VSaaS, as installation and maintenance cost of hosted video surveillance services is low compared to traditional video surveillance. In VSaaS, installation of cameras are carried out at the user’s site, whereas video is streamed to the systems at the provider’s facilities.
Video is viewed over the web and hence, the need to implement specialized software is eliminated. VSaaS is projected to be suitable as SMEs, due to budget constraints, hesitate to increase manpower. Therefore, they are likely to prefer a one-stop solution for their security needs, resulting in an opportunity for the VSaaS market. Hence, SMEs adopting hosted video surveillance services is expected to provide an opportunity to the market in the near future.